Latest News & VACUL Headlines
- Homeownership? A ‘Distant Dream’ for Most Millennials
January 3, 2022Nearly half of all non-home-owning Millennials say they are saving for a house of their own, while 12% said they have abandoned any plans of ever being a homeowner, according to a new study.
- Credit Union Regulator Gives Preliminary Go-Ahead on Crypto Partnerships
January 3, 2022Credit unions have received their first green light from the National Credit Union Administration to partner with crypto firms to help members to manage digital assets. Many credit unions were hesitant to delve into the cryptocurrency market amidst concerns of regulatory backlash from the NCUA. The agency offered clarity this month to address concerns voiced by many in the credit union industry.
- CUNA Tech Council Releases Paper On Trends in Identity Authentication
January 3, 2022The CUNA Technology Council and Illuma Labs have released a new white paper on important trends in identity authentication.
- CFPB Partners with Department of Justice, Fed, and FTC to Stand up for Civil Rights Protections
January 3, 2022The Consumer Financial Protection Bureau (CFPB) announced that it partnered with the Department of Justice, the Federal Reserve Board, and the Federal Trade Commission to oppose a dangerous threat to our nation’s civil rights laws. The Consumer Financial Protection Bureau (CFPB) announced that it partnered with the Department of Justice, the Federal Reserve Board, and the Federal Trade Commission to oppose a dangerous threat to our nation’s civil rights laws.
- Federal Reserve Issues Update to Payments Study
January 3, 2022The Federal Reserve issued an update to the Federal Reserve Payments Study (FRPS) to include findings from recent survey data. The findings highlight changes in card payments and increased adoption of innovative payment methods following the emergence of COVID-19. Read more
- NCUA Issues Letter on Voluntary Credit Union Diversity Self-Assessment
January 3, 2022NCUA Board Chairman Todd Harper is inviting CUs to participate in NCUA's Diversity Self-Assessment.
- 2022 Threshold Adjustments Under the Truth in Lending Act (Regulation Z), the Consumer Leasing Act (Regulation M), and the Fair Credit Reporting Act (Regulation V)
January 3, 2022Last month, the Consumer Financial Protection Bureau (CFPB) issued annual adjustments for three exemption thresholds under the Truth in Lending Act (TILA or Regulation Z) and the Consumer Leasing Act (CLA or Regulation M). The thresholds exempt loans from special appraisal requirements for higher-priced mortgage loans and determine exempt consumer credit and lease transactions under Regulation Z and Regulation M. The 2022 thresholds, effective on January 1, 2022, will increase from the 2021 thresholds.
- Reminder: Comments Due Jan. 6 on CFPB Small Business Lending Data Collection Proposal
January 3, 2022Comments are due to the Consumer Financial Protection Bureau (CFPB) Jan. 6 on the Bureau’s proposed rule, intended to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Act.
- MLA Database Update
January 3, 2022The Department of Defense is updating the Military Lending Act (MLA) Database, adding cadets and midshipmen attending Military Service Academies of the Armed Forces, who are covered borrowers under the MLA. This change to the database will be effective Feb. 1, 2022.
- Equifax Adding Buy Now, Pay Later Payments to Credit Reports
December 31, 2021Payments on buy now, pay later (BNPL) loans will be added to credit reports in the coming year. That’s good news for some consumers, but others should be careful.